The share price has come up by 24% over the past three months. Improving economic activity and speculation regarding peace in Ukraine could be the main reasons for the share price development. In addition, the new quay in Paldiski was ready in February 2026. The cancellation of a vessel order project could also support cash flow and secure stable divided payments in the future. The valuation discount to the peer group's long-term P/B multiple of 1.1x has shrunk to 19% for 2026E. Overall, the company's profitability is excellent and the balance sheet is healthy, but revenue growth could still be stronger. Our fair value range of EUR 1.4-1.7 is unchanged, based on a combination of our DCF model and a peer group comparison. Our forecast for the dividend payment is EUR 0.073, implying a dividend yield of 5.0% (the peer group average was 3.9% in 2025E).
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